NewsFlashEurope open-spec naphtha hits high

21 September 2007 17:18  [Source: ICIS news]

LONDON (ICIS news)--European open spec naphtha reached a new record high on Friday, as Dow sold a 12,500 tonne cargo to Vitol at $720/tonne (€511/tonne) CIF (cost, insurance and freight) NWE (northwest Europe).

 

This exceeds the previous record high at $712/tonne CIF NWE recorded on 14 May this year.

 

Traders and brokers said that new record highs were not a big surprise given the rising crude oil markets both sides of the Atlantic.

 

Sources agreed that there was strong support from the gasoline sector, which is currently exporting material to the US to relieve shortages.

 

The expectation of a number crackers to return online has also contributed to more demand from the petrochemical sector.

 

($1 = €0.71)

By: Kawai Wong
+44 20 8652 3214

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